Trump nominee for No. 2 Treasury spot withdraws

Jim Donovan, a Goldman Sachs executive and professor at the University of Virginia School of Law, cited family concerns for withdrawing his name. (AP Photo/J. David Ake, File)

President Trump's nominee for the second-highest position at the Treasury Department has withdrawn his name from consideration, according to the White House.

Jim Donovan, a Goldman Sachs executive and professor at the University of Virginia School of Law, will not join the Treasury as deputy secretary, the top-ranking role below Secretary Steven Mnuchin.

Donovan cited family concerns in withdrawing from consideration, Politico reported.

For now, Mnuchin remains the only Senate-confirmed official at the Treasury. The Senate Banking Committee is scheduled to vote to advance three lower-tier candidates to the full chamber next week.

Donovan, who has spent a quarter-century at Goldman Sachs, would have been one of many former employees at the bank to join the Trump administration.

Mnuchin worked at Goldman Sachs before later running his own bank and managing a hedge fund. National Economic Council Director Gary Cohn was the president of Goldman Sachs before joining the White House. Steve Bannon, Trump's strategist and former campaign chief, also had a career at the bank.

Unlike Cohn and Mnuchin, Donovan had a record of involvement in Republican politics.